Key Points:
Bitcoin reached a new high of $124,450 on Thursday, with signs of overheating beginning to appear.
Multiple technical indicators suggest that $124,000 could be a potential top.
Bitcoin (BTC) recorded an all-time high of $124,450 during the early Asian trading session on Thursday. However, as of the time of writing, the BTC price has retreated to $121,670.
Despite the pullback, there are differing opinions in the market regarding whether this price surge has peaked or is merely a healthy correction.
Although Bitcoin set a new high on Thursday, it has not shown signs of peaking, with several on-chain indicators indicating that Bitcoin still has room for further upside.
According to CryptoQuant data, overheating indicators such as funding rates and short-term capital inflows remain at lower levels compared to previous peaks, and profit-taking among short-term investors has been relatively limited.
The Bitcoin funding rate, which measures market overheating, shows an increase in long positions. However, compared to previous highs, the current long position size remains small, indicating that Bitcoin still has room before reaching an overheating state.
A surge in the Bitcoin funding rate can sometimes raise concerns among market participants about increased volatility and liquidation risks for Bitcoin.
However, the funding rate is only moderately positive, indicating that traders are optimistic about Bitcoin's price, with buyers willing to pay sellers' fees to hold their positions.
Meanwhile, the Short-Term Holder (STH) spent Output Profit Ratio (SOPR) indicator shows that although STHs have returned to profitability, few have taken profits during the recent surge.
The current value of this indicator is 1.01%, indicating that STHs have realized some profits at lower ratios. Unlike in March 2024 and November 2024, profit-taking activity remains relatively subdued.
CoinGlass's 30 bullish peak indicators suggest that Bitcoin has not shown signs of overheating below the $187,000 price level.
According to renowned analyst Captain Faibik, the combination of multiple technical indicators suggests that the BTC price may have peaked at $124,000.
In Thursday's Bitcoin analysis, this analyst noted that after gaining liquidity during the process of reaching an all-time high, BTC/USD has issued multiple bearish signals, including the appearance of a "9th TD sell candle" on the daily chart.
The bearish divergence in the daily Relative Strength Index (RSI) indicates weakening momentum, while the ascending wedge structure suggests diminishing buying pressure, typically signaling a price decline.
Captain Faibik wrote:
The RSI for Bitcoin has shown a pullback after reaching overbought conditions across multiple time frames. The RSI for Bitcoin reached 72, 71, and 70 on the four-hour, 12-hour, and daily charts, respectively, as BTC set a new all-time high.
The pullback from $124,000 to $121,000 is due to the overbought conditions shown in the chart below. After Bitcoin set a historical high of $123,000 in July, overbought conditions also led to a price correction of 6% to $115,000.
Although these indicators warn of a potential pullback in the short term, it is important to note that RSI conditions do not always guarantee a trend reversal. Cryptocurrency prices are highly volatile, and BTC may continue to rise, driven by increased institutional demand and growth in money supply.
Related: Fundstrat: Ethereum (ETH) will be the "best macro trading target" for the next 10-15 years.
Original: “Bitcoin Hits New High, Traders Ask: Is BTC Price Peaking at $124,000?”
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